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BREAKING: Samsung CEO resigns

Kwon
Oh-Hyun, the CEO of Samsung Electronics resigned Friday, saying the South
Korean tech giant was facing an “unprecedented crisis”, even as it flagged
record third-quarter profits, Owojela’s Blog reports.

His
resignation comes as the company struggles to overcome a bribery scandal that
sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail.

“As we are
confronted with unprecedented crisis inside out, I believe that time has now
come for the company (to) start anew, with a new spirit and young leadership to
better respond to challenges arising from the rapidly changing IT industry”,
Kwon said.

“Fortunately,
the company is now producing best-ever results but this is merely a fruit of
decisions and investment made in the past”, he said in a statement.

Friday’s
personnel announcement came shortly after the company said it was expecting to
log 14.5 trillion won ($12.8 billion) in operating profits for the
July-September quarter, an all-time record and nearly three times the 5.2
trillion won of the same period a year earlier.

Sales are
expected to have surged 29.65 percent on-year to 62 trillion won, with the
booming semiconductor business boosting the company’s bottom line.

South
Korea’s largest company has been seeking to move past a bribery scandal that
saw Lee thrown into jail, and to overcome a damaging recall last year of its
flagship Galaxy Note 7 smartphone over exploding batteries.

Lee, who was
found guilty in August of bribery, perjury and other charges relating to
payments made by Samsung to the secret confidante of ousted president Park
Geun-Hye, is appealing his five-year sentence and says he is innocent.

Kwon’s
sudden departure may be a calculated legal tactic to seek a softer punishment
for Lee, said Shim Jung-Taik, an author of several books on Samsung and its
corporate culture.

“Lee’s
lawyers may argue that Samsung, with the veteran Kwon gone, needs its vice
chairman back more than ever to lead the firm,” he said, adding that the tactic
had often been used by other family-run South Korean business empires.

One analyst
who declined to be named said the departure of the 64-year-old Samsung veteran
may signal a broader reshuffle at the top.

“Samsung’s
CEO-level leadership has remained largely unchanged for past three years, which
is like an eternity in the fast-changing tech industry,” said the analyst.

The group
has not made any radical changes in its leadership since 2014 when the current
chairman Lee Kun-Hee suffered a heart attack that left him bedridden.

The federal
government through the Federal Airports Authority of Nigeria (FAAN) has apologised
to Air Peace Airlines and its passengers after a herd of cattle strayed onto
the runway of Akure Airport in Ondo state.

Nigerian
football star Victor Moses scored on his 209th Premier League appearance as
Chelsea put behind them their recent struggles by thrashing West Bromwich
Albion 3-0 at the Stamford Bridge on Monday.

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The Special
Assistant to President Muhammadu Buhari on Social Media, Lauretta Onochie has
responded to the claims that the Tsaigumi commissioned in Kaduna during the
week, was first launched by ex-president Goodluck Jonathan in 2013.